31 October 2013
Climate Solutions Inc. ("OCS" or the "Company") (TSX VENTURE:COO) (FRANKFURT:9EA) wishes to announce that its subsidiary, ERA Ecosystem Restoration Associates Inc., ("ERA") has entered into an agreement (the "Agreement") effective Oct. 22, 2013, to sell to Wildlife Works Carbon, LLC ("WWC") its Mai Ndombe Joint Venture Project (the "JV Project") in the Democratic Republic of the Congo ("DRC"). Prior to this Agreement, ERA and Wildlife Works were 50/50 joint venture partners in the Mai Ndombe REDD+ (Reducing Emissions from Deforestation and Degradation) project.
The assets being sold to WWC and comprising the JV Project include all of ERA's shares in its DRC subsidiary, ERA Congo SPRL, and the Company's shares of its Hawaiian subsidiary together with all rights, title and interest in forest concession rights, community agreements and other contracts relating to the JV Project. Upon closing of the Agreement, all inventory of Verified Carbon Units ("VCUs") currently existing for the JV Project will be transferred to WWC. WWC will pay ERA a total of USD$1,800,000 for the JV Project on payment terms as described in the Agreement.
Read more from the Digital Journal here.